Sui Network Outage Impacts SUI Price: What Investors Need to Know

• SUI faced a block generation halt on November 21st for two and a half hours.
• The development team fixed the issue in a short amount of time.
• SUI has dropped 14% in the past week but is up almost 80% in the past month.

Sui Network, a prominent Layer 1 blockchain known for its focus on scalability, experienced a blockchain generation halt last week that led to a significant price crash for its altcoin in the past few days. Over the past 24 hours, the cryptocurrency dropped 5.08%, raising concerns about further declines if buyers don’t step in.

The blockchain network stopped producing blocks for a total of two and a half hours, from approximately 1:15 to 3:45 am Pacific time on November 21st. The Sui Network validators entered a crash loop, preventing the blockchain protocol from processing any transactions.

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The block generation halt stemmed from an upgrade to Sui Network’s congestion control system. A vulnerability in the upgrade created issues for the protocol, but the blockchain network’s development team responded quickly, launching mainnet v1.37.4 and testnet v1.38.1 updates to address the problem.

According to CoinMarketCap data, SUI trades at $3.23, down 4.92% in the past 24 hours and 14.01% in the last seven days. However, the digital asset has surged 79.12% in the past month and a remarkable 395.75% since November 2023. The altcoin still trades 17.72% below its all-time high of $3.93.

SUI Price Analysis

With a substantial trading volume of $1.51 billion, SUI remains a prominent altcoin. Despite the block halt, the cryptocurrency is still in demand, and the development team’s quick fix appears to have reassured investors.

The Relative Strength Index reads a value of 56.06 which means that the buying pressure is still higher for SUI and the gradient of the line suggests a slight price increase in the near future for the digital asset.